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• Lorillard to Replace Ambac Financial in S&P 500 Index, S&P Says 

Lorillard Inc., the cigarette maker being spun off by Loews Corp., will replace Ambac Financial Group Inc. in the Standard & Poor's 500 Index, S&P said today in a statement posted on its Web site.

The change will take place after the close of trading on June 10, S&P said. Ambac, the second-biggest bond insurer, has lost about 97 percent of its market value over the past year after losses tied to mortgage-related securities.

The addition of Lorillard, the maker of Newport cigarettes, may support its stock price as money managers tracking the S&P 500 purchase the company's shares. Holders of Loews and its Carolina Group tracking stock for the tobacco unit will get shares in Lorillard, New York-based Loews said in December.

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